ICAP is the latest City institution to face a fine over its involvement in the Libor scandal, which attempted to rig bank interest rates.

The broker, founded by former Conservative party treasurer Michael Spencer, is in advanced talks with regulators in the UK and America.

A deal could come in the next ten days, although US regulators have a reputation for bargaining hard and settling late.

Bargaining hard: ICAP was founded by former Conservative party treasurer Michael Spencer, the broker now faces a fine estimated at £70million

The fine is estimated to be around £70million, with about £20million paid to the UK’s Financial Conduct Authority and the rest going to America’s Department of Justice and its Commodity Futures Trading Commission.

The fine is less than other institutions faced for their involvement in the scandal. But although the broker helps banks make trades, it does not set the daily interbank rate.